Unity Bancorp (NASDAQ:UNTY) Stock Price Crosses Above 50-Day Moving Average - Time to Sell?

Unity Bancorp, Inc. (NASDAQ:UNTY - Get Free Report) crossed above its 50 day moving average during trading on Monday . The stock has a 50 day moving average of $41.99 and traded as high as $45.73. Unity Bancorp shares last traded at $45.50, with a volume of 32,326 shares traded.

Analysts Set New Price Targets

UNTY has been the subject of a number of research analyst reports. Piper Sandler dropped their price objective on shares of Unity Bancorp from $54.00 to $50.00 and set an "overweight" rating for the company in a report on Monday, April 14th. Wall Street Zen downgraded shares of Unity Bancorp from a "buy" rating to a "hold" rating in a report on Saturday.

Unity Bancorp Price Performance

The company has a debt-to-equity ratio of 0.97, a current ratio of 1.16 and a quick ratio of 1.16. The firm has a market capitalization of $434.94 million, a P/E ratio of 10.68 and a beta of 0.69. The firm's 50 day simple moving average is $42.13 and its two-hundred day simple moving average is $44.36.

Unity Bancorp (NASDAQ:UNTY - Get Free Report) last posted its quarterly earnings results on Friday, April 11th. The financial services provider reported $1.13 earnings per share for the quarter, topping the consensus estimate of $1.12 by $0.01. The business had revenue of $29.35 million during the quarter, compared to the consensus estimate of $28.81 million. Unity Bancorp had a net margin of 25.24% and a return on equity of 15.08%. During the same period in the previous year, the firm posted $0.93 earnings per share. As a group, analysts predict that Unity Bancorp, Inc. will post 4.83 earnings per share for the current year.

Unity Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 20th. Shareholders of record on Friday, June 6th will be paid a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 1.29%. The ex-dividend date of this dividend is Friday, June 6th. Unity Bancorp's dividend payout ratio is presently 13.15%.

Insiders Place Their Bets

In other Unity Bancorp news, Director Donald E. Jr. Souders sold 1,333 shares of the business's stock in a transaction dated Thursday, April 24th. The shares were sold at an average price of $41.23, for a total value of $54,959.59. Following the transaction, the director now owns 8,477 shares in the company, valued at approximately $349,506.71. The trade was a 13.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 29.68% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Unity Bancorp

Hedge funds have recently modified their holdings of the company. CWM LLC increased its position in shares of Unity Bancorp by 122.5% during the first quarter. CWM LLC now owns 612 shares of the financial services provider's stock valued at $25,000 after buying an additional 337 shares during the period. Public Employees Retirement System of Ohio purchased a new stake in Unity Bancorp in the fourth quarter worth about $33,000. Whipplewood Advisors LLC grew its holdings in Unity Bancorp by 11,000.0% in the first quarter. Whipplewood Advisors LLC now owns 1,221 shares of the financial services provider's stock worth $50,000 after purchasing an additional 1,210 shares during the period. Allworth Financial LP purchased a new stake in Unity Bancorp in the fourth quarter worth about $67,000. Finally, GAMMA Investing LLC grew its holdings in Unity Bancorp by 11,262.5% in the first quarter. GAMMA Investing LLC now owns 2,727 shares of the financial services provider's stock worth $111,000 after purchasing an additional 2,703 shares during the period. Hedge funds and other institutional investors own 42.31% of the company's stock.

About Unity Bancorp

Unity Bancorp, Inc operates as a bank holding company for Unity Bank that provides range of commercial and retail banking services to individuals, small and medium sized businesses, and professional communities. It offers personal and business checking accounts, time deposits, money market accounts, savings accounts, and retirement accounts, as well as noninterest and interest-bearing demand deposits.